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Gold pokes to record high as traders/investors seek safety

Kitco Media
By Jim Wyckoff
Published
Updated
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(Kitco News) - Gold prices are modestly higher at midday Monday but did inch to another all-time high today. Safe-haven demand, including via investors purchasing gold ETFs, and technical buying continue to be featured. Silver prices are lower at midday and are starting to lag gold. April gold was up $7.20 at $2,960.10. March silver prices were last down $0.392 at $32.625.

Geopolitical worries that include a shaky Israel-Hamas ceasefire, uncertainty regarding  Russia-Ukraine war ceasefire talks, and U.S. trade protectionism threats are all working to support the gold market.

The key outside markets today see the U.S. dollar index near steady. Nymex crude oil futures prices are near steady and trading around $70.75 a barrel. The yield on the benchmark 10-year U.S. Treasury note is presently around 4.437%.

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Technically, April gold futures bulls have the strong overall near-term technical advantage. Prices are trending up on the daily bar chart. Bulls’ next upside price objective is to produce a close above solid resistance at $3,000.00. Bears' next near-term downside price objective is pushing futures prices below solid technical support at $2,850.00. First resistance is seen at today’s contract/record high of $2,974.00 and then at $2,985.00. First support is seen at the overnight low of $2,936.80 and then at $2,900.00. Wyckoff's Market Rating: 9.0.

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March silver futures bulls have the overall near-term technical advantage amid a price uptrend in place on the daily bar chart. Silver bulls' next upside price objective is closing prices above solid technical resistance at the February high of $34.24. The next downside price objective for the bears is closing prices below solid support at $31.65. First resistance is seen at the overnight high of $33.12 and then at $33.50. Next support is seen at $32.00 and then at $31.65. Wyckoff's Market Rating: 6.5.

(Hey! My “Markets Front Burner” weekly email report is my best writing and analysis, I think, because I get to look ahead at the marketplace and do some market price forecasting. Plus, I’ll throw in an educational feature to move you up the ladder of trading/investing success. And it’s free! Sign up here; it’s real easy. https://www.kitco.com/services

Kitco Media

Jim Wyckoff

Jim Wyckoff has spent over 25 years involved with the stock, financial and commodity markets. He was a financial journalist with the FWN newswire service for many years, including stints as a reporter on the rough-and-tumble commodity futures trading floors in Chicago and New York. As a journalist, he has covered every futures market traded in the U.S., at one time or another.

Jim is the proprietor of the "Jim Wyckoff on the Markets" analytical, educational and trading advisory service. Jim also worked as a technical analyst for Dow Jones Newswires and as the senior market analyst with TraderPlanet.com. Jim is also a consultant with the highly respected "Pro Farmer" agricultural advisory service. Jim was also the head equities analyst at CapitalistEdge.com. He received his degree from Iowa State University in Ames, Iowa, where he studied journalism and economics.

Follow Jim daily on Kitco.com as he provides both AM and PM roundups and a daily Technical Special. 1 877 963-NEWS jwyckoff at kitco.com

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goldsilverstocksDollaroilRussia-Ukraine war

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